Two Semi-Transparent ETFs Listed for Trading on a U.S. Exchange

April 2, 2020

Today, two semi-transparent ETFs following the Precidian ActiveShares model were listed for trading on a U.S. exchange. American Century Focused Large Cap Value ETF (FLV) and American Century Focused Dynamic Growth ETF (FDG), which are both listed on the Cboe BZX Exchange, Inc. (Cboe), are the first ETFs following a semi-transparent ETF structure to be listed for trading in the U.S., according to Cboe’s press release.

The SEC’s Division of Investment Management (IM) granted exemptive relief for five different semi-transparent ETF models last year. Cboe received approval from the SEC’s Division of Trading and Markets (T&M) to list FLV and FDG on February 12, 2020.